Talvivaara production under scrutiny after mine restart stalls November 28, 2012 NICKEL miner Talvivaara yesterday postponed the restart of mining in Sotkamo, Eastern Finland by half a year to mid-2013, raising concern over its future metals production. The Finnish company, which pioneered a technique to extract nickel using bacteria, has been hit by a series of problems in the past year, including waste water leakage, production [...]
Smith & Nephew buys skin heal firm in bid to dominate sector November 28, 2012 MEDICAL technology firm Smith & Nephew yesterday continued its push into the wound healing market by striking a $782m (£487.5m) deal to buy a US company specialising in spray-on treatment for cuts and grazes. The FSTE 100 listed company will buy the assets of Texas-based Healthpoint Biotherapeutics in a $782m all cash deal as it [...]
Telford quadruples profit on the back of Olympics success November 28, 2012 EAST London developer Telford Homes yesterday reported a fourfold increase in pre-tax profits driven by a step up in demand for its properties on the back of the Olympics. The group has sold £60m of new homes at its Stratford Plaza development near Westfield shopping centre which is due to be completed in 2015. Some [...]
Canada says it is still examining options on potential CNOOC bid November 28, 2012 THE Canadian government is still mulling its options as deadlines near on two proposed foreign takeovers of domestic energy companies, but an official offered no clues on when or how Ottawa would announce the hotly debated decisions. Andrew MacDougall, spokesman for Prime Minister Stephen Harper, did not comment on a report that the federal government [...]
Saudi postpones aviation licences November 28, 2012 Saudi Arabia’s General Authority for Civil Aviation (GACA) has postponed awarding new carrier licenses until the end of this year as it needs more time to evaluate the bids, it said in an emailed statement yesterday. The winning bids were expected by the end of November. “(GACA) needs more time to choose the best operating [...]
Groupon chief offers to resign November 28, 2012 Groupon chief executive officer Andrew Mason, under fire for a plunging share price and tapering growth, said yesterday he would agree to step down if needed, as the struggling company’s board prepared to debate whether he remains the right leader. Mason, responding to reports that the board of directors will discuss his performance during a [...]
KCAP Financial settles SEC charges November 28, 2012 KCAP Financial settled charges brought by US regulators yesterday that they overstated fund assets during the financial crisis. The Securities and Exchange Commission said the fund company did not report the fair market value of its debt securities and other investments in the fourth quarter of 2008. The company agreed to settle the case without [...]
Who’s switching jobs November 28, 2012 Aviva Phil Pavitt has been appointed to the role of IT transformation director at the insurance group. He joins from HMRC, where he was general director of change. Pavitt has also held chief information officer positions at Centrica, Virgin Media and BT. MasterCard Will Judge has been appointed vice president for travel and transit. He [...]
Best of the Brokers November 28, 2012 BUNZL Citi cut the FTSE 100 distribution group’s target price from 1,250p to 1,190p but kept the firm at “neutral” to reflect a slow projected growth rate and lower earnings forecasts. ARM HOLDINGS Barclays Capital raised the Apple chip designer’s target price from 750p to 820p and kept its “overweight” rating, reflecting higher demand for [...]
US budget talks hit standstill November 28, 2012 US politicians last night remained deadlocked over dramatic, year-end tax increases and spending cuts known as the “fiscal cliff.” At the White House, small business leaders emerged from a one-hour meeting with President Barack Obama to voice support for his goal of extending low tax rates for the middle class beyond the end of the [...]